CBN Bars UBA, FCMB, Union Bank, Others from SME Forex Window

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited has charged the government to work more on advocacy and policymaking to cut down the number of delistings in the stock market. In the past few years, there had been the delisting of companies from the bourse, though the chief executive of the exchange, Mr Temi Popoola, said this is not peculiar to Nigeria. Speaking at the MTN Capital Markets Day in Abuja on Tuesday, Mr Popoola said some global stock exchanges have been battling with the delisting of companies. “There has been quite a bit of news lately about delistings in

By Dipo Olowookere Oyo State government has approved the payment of April and May 2017 salaries for workers in the state. The salaries are to be paid from the refunded second tranche Paris Club Fund and June released monthly allocation from the Federal Government. It was disclosed that the Governor, Mr Abiola Ajimobi, approved the payment of the two months’ salaries to the workers. Commissioner for Information, Culture and Tourism, Mr Toye Arulogun, said on Thursday that about 72 percent of the N7.9 billion Paris Club fund was committed to the salaries and salary related payment, at both the state

By Modupe Gbadeyanka The Heritage Bank’s revolutionary advanced intelligent digital experience, known as Octopus has been endorsed by the 2018 Big Brother Double Wahala (season-3) housemates for its ground breaking innovative solution, crafted to meet the demands of an ever-growing active population with the aim to create and transfer wealth to stakeholders. Four of the 20 contestants, who were engaged with a task that served to Launch the Bank’s product and have continued to use advanced intelligent digital experience to grow their businesses unanimously attested that Octopus was the new green; way to engage markets, shop bank, making payment of

By Dipo Olowookere Indigenous rating agency, Global Credit Ratings (GCR) has announced the lowering of the national scale long term credit ratings accorded to Series 1, Series 2 and Series 3 Bonds, issued under FCMB Financing SPV Plc N100 billion Debt Issuance Programme. A statement issued by the form said it downgraded ratings of the Series 1, Series 2 and Series 3 Bonds to BBB-(NG), BBB+(NG) and BBB-(NG) respectively; with the outlooks accorded as Stable. Business Post reports that FCMB Financing SPV had in November 2014 issued the Series 1     N26.0 billion 7-year Subordinated Notes, then in November 2015 issued

By Olusanya Anjorin The incessant crime against women in Nigeria is on the increase. The cock no longer makes a serrated noise before raping a chicken, the lizard no longer bowed obediently to its female folks before devouring it like a dinner. This crime has been classified as the worst crime against womanhood in recent times. The case of Vera Uwaila Omozuwa in Benin City was a spark that ignited the concerns for rape victims in Nigeria. Vera Uwaila Omozuwa, a 22-year-old microbiology student, has consistently sought the quietness of her empty church in Benin City, southern Nigeria, as a

By Ashemiriogwa Emmanuel Three new categories have been added to the existing 37 award categories of the All African Music Awards (AFRIMA) for the 2021 edition as the submission of entries is set to close on Friday, August 20, 2021. Approved by the International Committee of AFRIMA and The AFRIMA International Jury, the three new categories include Best Soundtrack in a movie/series/documentary film, Best Global Sound, and Breakout Artiste of the Year. The added award titles were selected to recognize, reward and celebrate music works in all aspects, including their application in the movie industry. Announcing the development, Mrs Hadja

By Dipo Olowookere In order to make premium phone brands available to Nigerians at cheaper rates and without issues, a leading dealer of used phones in Nigeria, Aweskim Technology, has entered into partnership deals with Apple and Slot, the leading mobile retail giant in the country. While Aweskim Technology sealed a deal with Apple as its official retail partner for used phones, it inked a pact with Slot as its official trade-in partner. Aweskim Technology recently commenced the trade in and buy back scheme, which allows customers trade in old phones for a new device at any Slot store. Managing